Western

SRS Brokers $11.7M Sale of Six-Building Shopping Center in Sedona, Arizona

by Amy Works June 4, 2020

SEDONA, ARIZ. — SRS Real Estate Partners has arranged the sale of The Collective Sedona, a shopping center located at 7000 AZ-179 in Sedona. An Arizona-based private investor sold the asset to a California-based private investor for $11.7 million. Built in 2000 and 2003, the six-building property features 52,518 square feet of retail space on 6.2 acres. At the time of sale, the property was 84 percent occupied by a variety of tenants, including Hilton Resorts, AmTrust Bank, Bay Equity Home Loans, Cucina Rustica and Snap Fitness. Sean Thomas of the SRS National Net Lease Group’s Phoenix office represented the seller, while Jim Ashcraft of Ashcraft Investment Co. represented the buyer in the transaction.

June 4, 2020

Acquisitions Colorado Development Healthcare Office Top Stories Western

AGC Biologics Acquires Vacant AstraZeneca Plant in Colorado, Plans to Invest $100M

by Alex Tostado June 4, 2020

BOULDER, COLO. — AGC Biologics has acquired a vacant, 300,000-square-foot pharmaceutical plant in Boulder from AstraZeneca. The Japan-based company plans to invest $100 million in the plant and create 280 jobs, according to multiple news outlets. The facility will provide AGC with additional capacity and significantly larger production scale. AGC expects to move into the facility in April 2021, 18 months sooner than it would take to build a new facility, according to the company. In February, the Colorado Economic Development Commission approved a tax credit on the property worth up to $6.4 million. AstraZeneca vacated the 20-acre property in January 2019, according to the Denver Post. The sales price was not disclosed, though the Boulder Daily Camera reports the property traded for $40 million. The Camera also reports jobs at the plant will pay an average of $96,253 per year. “This facility will enable us to continue to advance the development, manufacturing and commercial functions within our dynamic global company,” says AGC Biologics CEO Patricio Massera. Although the specific drugs and research planned for the facility were not disclosed, Massera made reference to “mammalian projects,” suggesting that animal research will take place there. The property is located at 5550 Airport …

June 4, 2020

Development Industrial Nevada Western

Dermody Properties Purchases 9.5-Acre Site for LogistiCenter at Sunset in Las Vegas

by Amy Works June 3, 2020

LAS VEGAS — Dermody Properties has acquired a 9.5-acre land site for the development of LogistiCenter at Sunset. Situated at Sunset Road and Bruce Street in Las Vegas, the 151,200-square-foot, e-commerce-ready property is slated for completion in first-quarter 2021. Currently under construction, the building will be divisible to 20,000 square feet and offer build-to-suit office space, 33 dock-high doors, six drive-in doors, 32-foot clear heights, a 135-foot truck court, LED warehouse lighting, tilt-up concrete panel construction and an ESFR fire protection system. LogistiCenter at Sunset will be located approximately one mile from the Interstate 215/Interstate 15 interchange, five miles from the Resort Corridor and within 10 miles of major FedEx and UPS distribution hubs. Additionally, the facility will be adjacent to McCarran International Airport. Kevin Higgins, Garrett Toft, Jake Higgins and Sean Zaher of CBRE represented Dermody in the land acquisition and will be the leasing agents for the completed project. The name of the seller and acquisition price were not released.

June 3, 2020

Acquisitions Arizona Office Western

CBRE Negotiates $7.6M Sale of Single-Tenant Office Building in Phoenix’s Deer Valley Submarket

by Amy Works June 3, 2020

PHOENIX — CBRE has brokered the sale of a single-tenant office building located at 16212 N. 28th Ave. in Phoenix’s Deer Valley submarket. Merit Properties Group sold the asset to a fund managed by a Chicago-based investment management firm for $7.6 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. Situated on 3.8 acres, the 61,304-square-foot property has been fully leased to a government entity since 2004. The building was constructed in 1980 and extensively renovated in 2004, with numerous specialized tenant improvements.

June 3, 2020

Acquisitions California Industrial Western

Toy Company Buys Inland Empire Industrial Building for $7.6M

by Amy Works June 3, 2020

RANCHO CUCAMONGA, CALIF. — A toy company has purchased a freestanding industrial property located at 9568 Richmond Place in Rancho Cucamonga. A private seller sold the asset for $7.6 million. Built in 1991, the 42,978-square-foot building features 24-foot clear heights, five dock-high loading doors, one ground-level door and 76 parking spaces. Additionally, the property features a two-story, 7,563-square-foot office space. Jason Chao and Charlie Noebel of CBRE represented the seller in the transaction.

June 3, 2020

Acquisitions Colorado Industrial Western

Dalfen Industrial Acquires 75,000 SF Aurora Center I at Gateway Near Denver International Airport

by Amy Works June 3, 2020

AURORA, COLO. — Dalfen Industrial has purchased Aurora Center I at Gateway, an industrial property located near Interstate 70 and intermodal facilities in Aurora, between downtown Denver and the Denver International Airport. Built in 2003, the 75,000-square-foot asset features a fully gated secured truck court and 12 dock-high doors. Additionally, the property features unpaved land on the east side of the building that could be used as yard, additional trailer parking or as a potential 30,000-square-foot building expansion. Terms of the transaction, including the name of the seller and acquisition price, were not released.

June 3, 2020

Acquisitions California Retail Western

Marcus & Millichap Brokers $3.2M Sale of Domino’s-Occupied Retail Property in Los Angeles County

by Amy Works June 3, 2020

INGLEWOOD, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 901 S. La Brea Ave. in Inglewood. A partnership acquired the asset from an individual/personal trust for $3.2 million, or $351 per square foot. Domino’s Pizza occupies the 9,042-square-foot retail building. Brandon Michaels of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the deal.

June 3, 2020

Development Multifamily Top Stories Washington Western

LMC Breaks Ground on 450-Unit Luxury Apartment Community in Redmond, Washington

by Kristin Harlow June 3, 2020

REDMOND, WASH. — LMC, a wholly owned subsidiary of Lennar Corp., has broken ground on LMC Marymoor, a 450-unit luxury apartment community in Redmond, a suburb of Seattle. The three-building project will feature 37,000 square feet of retail space. The first move-ins are slated for early 2022. The development is situated on 70th Street, just northeast of the 640-acre Marymoor Park. Residents will be steps from a Whole Foods Market and less than a mile from Redmond Town Center, a retail destination with more than 110 shops and restaurants. Public transportation access will be available through the SE Redmond Link Light Rail Station, which is currently under construction. LMC Marymoor will consist of studio, one-, two- and three-bedroom floor plans ranging from 450 to 1,400 square feet. Amenities will include a pool, hot tub, fitness center, coworking lounge, community gardens and play areas. A sky lounge will open to a large rooftop deck. The project will feature artwork from several local artists, including a mural wrapping the entire northern building. Redmond is known for its tech sector, being the home of Microsoft and Nintendo. Amazon, Google, Facebook and SpaceX also have large presences in the area. “Redmond continues to be …

June 3, 2020

California Development Loans Multifamily Student Housing Western

Capstone Development Closes on Financing for $23.5M Student Housing Project at San Diego State University

by Amy Works June 2, 2020

SAN DIEGO — Capstone Development Partners has closed on traditional debt and equity financing for the development of VIVA 5750, a new on-campus student housing community at San Diego State University in San Diego. Situated on ground leased by Capstone, the four-story, 80,000-square-foot community will house approximately 182 students in a mix of apartment-style units. Additionally, the project will feature indoor and outdoor amenities. Construction of the $23.5 million project commenced in May, with completion slated for the fall 2021 semester. Capstone, JWDA Architects and Cannon Constructors collaborated with the San Diego State University Research Foundation’s project stakeholders to design the new apartment property to meet the university’s goals and objectives relative to upper-division and graduate student housing options. VIVA 5750 is Capstone’s second P3 partnership with the San Diego States University Research Foundation.

June 2, 2020

Acquisitions Multifamily Utah Western

Roundhouse Acquires 324-Unit The Alloy at Geneva Apartments in Vineyard, Utah

by Amy Works June 2, 2020

VINEYARD, UTAH — Roundhouse has purchased The Alloy at Geneva, a multifamily property located within Geneva, a master-planned community in Vineyard, within the Provo-Orem metro area. An affiliate of Dekel Capital and an affiliate of Mountain Capital Partners sold the asset for an undisclosed price. Built in 2015 on 15 acres, the 314,562-square-foot apartment complex features 14 three- and four-story residential buildings, offering a total of 324 units, and a clubhouse. The average unit size is 971 square feet. Brock Zylstra, Steve Gebing, Cliff David and Danny Shin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal. Phil Brierley of Marcus & Millichap served as the broker of record in Utah.

June 2, 2020

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